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Ethereum Nears Key Decision Point Amid $3,000 Support and Resistance
Ethereum's price is nearing a crucial decision point, moving between key support and resistance levels:
- Ethereum held the $3,000 support level amid market volatility.
- Institutional investors reportedly opened long positions, suggesting confidence in further appreciation.
- If Ethereum breaks above $3,300–$3,400, it may trigger a rally toward $3,700–$3,800.
- Failure to break this resistance could lead to a retest of the $3,000 support level.
Analysis highlights:
- Ethereum is reacting from a major weekly support zone, indicating potential for an upside move.
- The key resistance area will determine the future trend direction.
- Sustained hold and strong reaction at critical levels could affirm a bullish outlook, while rejection may indicate bearish momentum.
- A five-wave decline below support could shift the outlook to a bearish scenario.
